April 18, 2007, San Antonio - Clear Channel
Communications, Inc. (NYSE:CCU) today announced that it has entered
into an amendment to its previously announced merger agreement with
a private equity group co-led by Bain Capital Partners, LLC and
Thomas H. Lee Partners, L.P., providing for an increase to $39.00
per share in the price shareholders will receive in cash for each
share of Clear Channel common stock they hold. This is an increase
from the previous price of $37.60 per share in cash. The increased
all-cash merger consideration of $39.00 per share represents a
premium of approximately 33.3% over the average closing share price
during the 60 trading days ended October 24, 2006, the day prior to
Clear Channel's announcement of the board of directors' decision to
consider strategic alternatives.

The board of directors of Clear Channel, with the interested
directors recused from the vote, has unanimously approved the
amended merger agreement and recommends that the shareholders
approve the amended merger agreement and the merger.

In conjunction with the increased cash purchase price, Clear
Channel agreed to pay certain fees if the merger does not close and
Clear Channel subsequently consummates a sale of the company.

Clear Channel will promptly send updated proxy materials to
shareholders and has rescheduled the Special Meeting of
Shareholders to Tuesday, May 8, 2007, at 9:00 a.m., Central
Daylight Savings Time, to allow shareholders time to consider the
increase in merger consideration. Shareholders of record as of
March 23, 2007 remain entitled to vote at the Special Meeting.
Shareholders with questions about the merger or how to vote their
shares should call the Company's proxy solicitor, Innisfree M&A
Incorporated, toll-free at (877) 456-3427.

About Clear Channel Communications
Clear Channel Communications, Inc. (NYSE:CCU) is a global media and
entertainment company specializing in "gone-from-home"
entertainment and information services for local communities and
premiere opportunities for advertisers. Based in San Antonio,
Texas, the company's businesses include radio, television and
outdoor displays. More information is available at www.clearchannel.com.

About Thomas H. Lee Partners, L.P. ("THL
Partners")
THL Partners is one of the oldest and most successful private
equity investment firms in the United States. Since its founding in
1974, THL Partners has become the preeminent growth buyout firm,
investing approximately $12 billion of equity capital in more than
100 businesses with an aggregate purchase price of more than $100
billion, completing over 200 add-on acquisitions for portfolio
companies, and generating superior returns for its investors and
partners. The firm currently manages approximately $20 billion of
committed capital. Notable transactions sponsored by the firm
include Dunkin Brands, Nielsen, Michael Foods, Houghton Mifflin
Company, Fisher Scientific, Experian, TransWestern, Snapple
Beverage and ProSiebenSat1 Media.

About Bain Capital Partners, LLC (" Bain
Capital")
Bain Capital (www.baincapital.com) is a global private
investment firm that manages several pools of capital including
private equity, high-yield assets, mezzanine capital and public
equity with more than $40 billion in assets under management. Since
its inception in 1984, Bain Capital has made private equity
investments and add-on acquisitions in over 230 companies around
the world, including investments in a broad range of companies such
as Burger King, HCA, Warner Chilcott, Toys "R" Us, AMC
Entertainment, Sensata Technologies, Burlington Coat Factory and
ProSiebenSat1 Media. Headquartered in Boston, Bain Capital has
offices in New York, London, Munich, Tokyo, Hong Kong and
Shanghai.

The Company has previously filed a proxy statement and
supplement to proxy statement and other documents regarding the
proposed acquisition of the Company with the Securities and
Exchange Commission (the "SEC") and intends to file an additional
supplement to proxy statement with the SEC. Before making any
voting or investment decisions, investors and security holders of
Clear Channel Communications are urged to read the proxy statement
and all supplements to the proxy statement regarding the
acquisition, carefully in their entirety, because they contain
important information about the proposed transaction. An additional
supplement to the proxy statement will be sent to the shareholders
of the Company seeking their approval of the modified transaction.
Investors and security holders may obtain free copies of the proxy
statement, the supplements to the proxy statement, and other
documents filed with, or furnished to, the SEC by the Company at
the SEC's website at http://www.sec.gov. In addition, a
stockholder who wishes to receive a copy of the proxy materials,
without charge, should submit this request to the Company's proxy
solicitor, Innisfree M&A Incorporated, at 501 Madison Avenue,
20th Floor, New York, New York 10022 or by calling Innisfree
toll-free at (877) 456-3427.

Certain Information Concerning Participants
The Company and its directors, executive officers and other members
of its management and employees may be deemed to be participants in
the solicitation of proxies from its stockholders in connection
with the transactions. Information concerning the interests of the
Company and the other participants in the solicitation is set forth
in the Company's definitive proxy statement filed with the
Securities and Exchange Commission in connection with the
transactions and Annual Reports on Form 10-K, previously filed with
the Securities and Exchange Commission.

B Triple Crown Finco, LLC and T Triple Crown Finco, LLC
(collectively, the "Fincos") and certain affiliates and
representatives of the Fincos may be deemed to be participants in
the solicitation of proxies from the Company's stockholders in
connection with the transactions. Information concerning the
interests of the Fincos and their affiliates and representatives in
the solicitation is set forth in the Company's definitive proxy
statement filed with the Securities and Exchange Commission in
connection with the transactions.

Cautionary Note Regarding Forward-Looking
Statements
This press release contains forward-looking statements based on
current Clear Channel management expectations. Those
forward-looking statements include all statements other than those
made solely with respect to historical fact. Numerous risks,
uncertainties and other factors may cause actual results to differ
materially from those expressed in any forward-looking statements.
These factors include, but are not limited to, (1) the occurrence
of any event, change or other circumstances that could give rise to
the termination of the merger agreement; (2) the outcome of any
legal proceedings that have been or may be instituted against Clear
Channel and others relating to the merger agreement; (3) the
inability to complete the merger due to the failure to obtain
shareholder approval or the failure to satisfy other conditions to
completion of the merger, including expiration of the waiting
period under the Hart-Scott-Rodino Antitrust Improvements Act of
1976, and approval by the Federal Communications Commission; (4)
the failure to obtain the necessary debt financing arrangements set
forth in commitment letters received in connection with the merger;
(5) risks that the proposed transaction disrupts current plans and
operations and the potential difficulties in employee retention as
a result of the merger; (6) the ability to recognize the benefits
of the merger; (7) the amount of the costs, fees, expenses and
charges related to the merger and the actual terms of certain
financings that will be obtained for the merger; and (8) the impact
of the substantial indebtedness incurred to finance the
consummation of the merger; and other risks that are set forth in
the "Risk Factors," "Legal Proceedings" and "Management Discussion
and Analysis of Results of Operations and Financial Condition"
sections of Clear Channel's SEC filings. Many of the factors that
will determine the outcome of the subject matter of this press
release are beyond Clear Channel's ability to control or predict.
Clear Channel undertakes no obligation to revise or update any
forward-looking statements, or to make any other forward-looking
statements, whether as a result of new information, future events
or otherwise.